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Thursday, October 27, 2011

Kosmopolito to launch five hotels

Expansion plan: Kosmopolito inte nds to develop service apartments on a site near the Dorsett Regency Kuala Lumpur.

KUALA LUMPUR: Kosmopolito Hotels International Ltd (KHI), which has 17 hotels primarily in Asia, has at least five ongoing projects in Malaysia that it plans to launch within the next 12 to 24 months.

KHI vice-chairman Datin Jasmine Abdullah Heng said the company was also looking for land in Malaysia to set up either hotels or serviced apartments.

“We would have more (than five projects) in the pipeline if we can secure the land,” she told StarBiz during a donation ceremony and visit to the National Heart Institute (IJN) on Tuesday.

Its ongoing Malaysian projects include the renovation of Phoenix Plaza in Cheras and the renovation of the Sri Jati serviced apartments in Kuala Lumpur into a hotel cum service apartments.

Jasmine also said KHI intended to develop service apartments on a site near the Dorsett Regency Kuala Lumpur.

“We also plan to launch service apartments within the Grand Dorsett Subang area by year-end and (also) have an on-going project in Sri Hartamas (in Kuala Lumpur),” she said.

“We are also looking at potential projects in Kota Kinabalu (Sabah), Penang, Langkawi, Kuantan (Pahang) and Malacca. We're aggressive on our expansion plans,” she added.

KHI, a subsidiary of Far East Consortium International Ltd (FEC), was set up in January 2007 and listed on the Hong Kong Stock Exchange in October 2010.

The company owns and manages four key hotel brands in different market segments Boutique Series by Kosmopolito, Grand Dorsett, Dorsett Regency Hotels & Resorts, and Silka Hotels, which can be found in Hong Kong, Shanghai, Chengdu, Wuhan, Singapore, Malaysia and London.

On the local front, KHI's properties are the Grand Dorsett Subang, Dorsett Regency Kuala Lumpur, Grand Dorsett Labuan, Silka Hotel Johor Bahru, Maytower Hotel & Serviced Residences Kuala Lumpur and Damas Suites & Residences Kuala Lumpur.

Jasmine declined to comment on an old report that FEC was planning on a real estate investment trust (REIT) listing that would include the Malaysian properties.

Meanwhile, KHI on Tuesday donated RM6,000 to IJN as part of the former's corporate social responsibility initiative. Earlier this year, the National Heart Institute received a donation amounting RM30,000 from KHI.

Chiu will be elected president of the company effective Nov 1

KHI executive director Winnie Chiu, who will be elected president of the company effective Nov 1, said: “We are committed to this good cause. We're supportive of this and will continue to support (IJN) going forward.”

By The Star

KL Metropolis expected to woo RM3.5b foreign investments

Foreign companies may invest that amount to build properties, either on their own or in partnership with Naza TTDI

KUALA LUMPUR: The Naza Group's KL Metropolis project is expected to lure foreign investments of some RM3.5 billion over its 15-year development period.

Foreign companies may invest that amount to build properties, either on their own or in partnership with Naza TTDI Sdn Bhd, the property arm of Naza Group.

"While we can build the structures on our own, we want to give opportunities to others for transfer of technology and expertise," Naza TTDI group managing director SM Faliq SM Nasimuddin said af-ter the project's launch on Tuesday.

The RM15 billion project is located next to the existing Matrade building off Jalan Duta and is touted as a new business district.

It will feature 22 office and residential towers, which include a 100-storey building and three hotels, as well as the new one million sq ft Matrade centre and two retail centres with more than two million sq ft of space on 30 hectares.

Launched by Datuk Seri Mustapa Mohamed, the Minister of International Trade and Industry (Miti), the project will be developed in three phases.

Phase 1 will comprise the exhibition centre, two residential towers, two hotels, two office towers and a retail centre, worth a combined RM6 billion.

Faliq said tenders to cons-truct the buildings will be called next month. It has appointed a local contractor to do the piling work.

Naza TTDI will borrow from banks and use internal funds for the initial stages of development, after which it may raise more money from a bond sale. The company is expected to invest RM500 million on infrastructure alone.

"We aim to complete Phase 1 by 2014/2015," he said.

Naza TTDI is already in talks with several foreign investors to build the retail and com-mercial properties in a joint venture.

It is also in discussions with a few five-star international hotels and mall operators to manage some of its properties.

"We are seeking five-star hotel operators and good retail partners for the project. We want to make this a world-class business and tourist destination," Faliq said.

Naza TTDI will announce several deals before the end of this year or early next year.

Faliq said Phase 2, which will start in 2015, will have five residential towers, three office blocks, a boutique hotel, a healthcare centre and the 100-storey building, worth RM4 billion.

Phase 3, worth RM5 billion, will start in 2019, consisting of three residential towers, three office buildings and a retail centre, he added.

“We have attracted a lot of local and foreign interest for this project, repositioning Malaysia on the world map. We expect several en bloc deals coming in,” Faliq said.

KL Metropolis is designed to Malaysia’s Green Building Index requirement and is also the first registered LEED for Neighbourhood project in Malaysia.

The LEED certification is an internationally-recognised green rating system that incorporates the principles of smart growth, urbanism and green building.

By Business Times

Naza TTDI's next step is to get listed

KUALA LUMPUR: After launching its biggest property project so far, Naza Group is aiming to list its property unit on the local stock market in about three years.

Naza TTDI Sdn Bhd's initial public offering (IPO) is also expected to be among the largest property IPOs on Bursa Malaysia, joint group executive chairman SM Nasarudin SM Nasimuddin told Business Times.

"Now that we have launched KL Metropolis, the next step is to take Naza TTDI to new heights and to do that, we will need the IPO," he said on Tuesday after the launch of the project by Minister of International Trade and Industry Datuk Seri Mustapa Mohamed.

Business Times first reported that Naza TTDI wanted to list in 2008 but this was postponed due to weak market conditions and also because it wanted to build its asset base.

It had hired CIMB Investment Bank Bhd to arrange the IPO and planned to raise more than RM1 billion.

"With the KL Metropolis development, Naza TTDI is a step closer to becoming a sizeable property group," Nasarudin said.

Naza Group, founded by the late Tan Sri Nasimuddin Amin in 1974, is well-known as an automotive player. It ventured into property development by acquiring Naza TTDI more than five years ago.

Meanwhile, Naza TTDI is well-known for the development of Taman Tun Dr Ismail in Kuala Lumpur.

KL Metropolis is currently the single biggest integrated mixed development in Kuala Lumpur for Naza TTDI and piling work has started.

The RM15 billion development is almost four times bigger than Naza TTDI's ongoing Platinum Park project in the Kuala Lumpur city centre, which is worth RM4 billion.

KL Metropolis will have 18 40-storey office and residential towers, a 100-storey building and three hotels, as well as the new one-million-sq-ft Matrade centre and two retail centres with more than two million sq ft of space.

By Business Times

Axis REIT to buy RM48.5m assets

KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) has proposed an acquisition and leaseback of a three-storey office block and a logistic warehouse complex for RM48.5mil cash from DHL Properties (M) Sdn Bhd.

The agreement was entered into by OSK Trustee Bhd, the trustee for Axis REIT.

The 3.083ha land is located in Barat Daya district, Penang, Axis REIT said in a statement on Tuesday.

“The proposed acquisition and leaseback of the properties is consistent with the investment objective and strategy of Axis REIT and it will be accretive to Axis REIT's distributable income.

“It will also diversify and enlarge Axis REIT's portfolio of properties and is expected to benefit in the long term from economies of scale,” it said.

By Bernama